4. Substance. The July 2007 revision of Government Auditing Standards supersedes the 2003 revision and updates the January 2007 revision. This revision contains the January 2007 revision plus updated quality control and peer review sections in chapter 3 which were exposed in January 2007. The July 2007 revision represents the completed 2007 revision of Government Auditing Standards, and is the version that should be used by government auditors until further updates and revisions are made.

GAO has issued a listing of major changes in the July 2007 revision of Government Auditing Standards, highlighting key revisions overall and related to (1) ethics and independence, (2) professional judgment and competence, (3) quality control and assurance (5) all types of GAGAS audits and attestation engagements, (5) internal auditors, (6) financial audits, (7) attestation engagements, (8) performance audits, and (9) guidance material. The listing of changes is intended to assist government audit organizations and practitioners in updating their related policies and procedures for conducting government audits. GAO has also issued a listing of technical changes made since the January 2007 revision.

5. Action. The effective date for implementing the 2007 revision of Government Auditing Standards is for financial audits and attestation engagements for periods beginning on or after January 1, 2008, and for performance audits beginning on or after January
1, 2008. Early implementation is permissible and encouraged.

Program administrators are invited to share this Information Alert with appropriate staff and other agencies.

6. Contact. Questions and comments about this Alert may be directed to the Division of Financial Management
and Administrative Services in your Regional Office: